Zurich: Swiss bank Credit Suisse has put its Monaco unit up for sale, sources familiar with the process said.
Zurich-based Credit Suisse has not held advanced talks with any prospective buyer and the sale process is at an early stage, said one of the sources.
Credit Suisse views the unit as a non-core asset, the source said, adding the sale price was currently unclear but is expected to be below 100 million euros ($109.09m).
The sale would be the latest move by Tidjane Thiam, chief executive since July, to put his stamp on Credit Suisse.
In the biggest revamp of Switzerland’s second-biggest bank in almost a decade, Thiam wants to focus more on private banking and wealth management in emerging markets while shrinking its
investment bank.
The Monaco subsidiary, which offers portfolio management for affluent private clients, had nominal capital of 18m euros ($19.71m) at the end of 2014, according to Credit Suisse’s annual report.
Credit Suisse’s withdrawal is also a sign of the diminishing appeal for some banks of maintaining wealth management operations in Monaco.
Although it has the world’s highest gross national income per capita, many assets kept in Monaco are untaxed.
This poses a potential risk to banks at a time of increased scrutiny across Europe and the US as cash-strapped governments look to clamp down on tax dodgers.
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